US Government to Auction Off Seized Litecoin Alongside Bitcoin

Uncle Sam is now selling litecoins it obtained for tax nonpayment.

AccessTimeIconJun 18, 2021 at 7:16 p.m. UTC
Updated Sep 14, 2021 at 1:13 p.m. UTC
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The U.S. General Services Administration, an agency that sells surplus assets held by the federal government from office furniture to houses and tractors, said it will auction off bitcoin and litecoin with a combined market value of $377,000.

The bidding in the latest auction starts Friday at 5 p.m. ET and runs through Monday at 5 p.m., according to a press release. Eleven lots of cryptocurrency are on the block, including 8.93 bitcoins and 150.2 litecoins. According to a document on the GSA's auction website, the litecoins were seized from a taxpayer for nonpayment of internal revenue taxes.  

The GSA raised $937,092 by selling 16.99 bitcoins in three auctions earlier this year.

“With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year,” Thomas Meiron, regional commissioner for GSA’s Federal Acquisition Service, said in the statement.

Investors must register to bid. The winning bidder must have a digital wallet to receive the property and must make a payment no later than June 23. 

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